Item - 2021.RA22.13

The Board of Directors of CreateTO:  

1.  Directed the Chief Executive Officer, CreateTO, in consultation with the Executive Director, Corporate Real Estate Management and the Chief Planner and Executive Director, City Planning, to negotiate a non-binding Memorandum of Understanding with the party identified in Confidential Attachment 1 to the report (April 29, 2021) from the Senior Vice President, Development, CreateTO for an air rights lease or sublease to be incorporated into the Redevelopment Site at 251 Esther Shiner Boulevard, based on the terms outlined in Confidential Attachment 1, and to report to the Board once negotiated.

2.  Authorized the public release of the confidential information contained in Confidential Attachment 1 to the report (April 29, 2021) from the Senior Vice President, Development, CreateTO upon completion of any negotiations, and at the discretion of the Chief Executive Officer, CreateTO.

The Board of Directors of CreateTO recessed its public session to meet in closed session to consider the item as it pertains to a proposed or pending disposition of land by the City, and a position, plan, procedure, criteria or instruction to be applied to negotiations to be carried on by or on behalf of the City and CreateTO.

The purpose of this report is to provide an update to the Board of Directors of CreateTO (the "Board") on the progress that has been made on a Housing Now site at 251 Esther Shiner Boulevard (the "Redevelopment Site") and receive approval from the Board to proceed with negotiations for a non-binding Memorandum of Understanding (MOU) with a party interested in leasing air rights at the Redevelopment Site based on the business terms outlined in the Confidential Attachment 1.